Aides convinced Trump to postpone tariffs by warning that they could "ruin" Christmas: CNN

President Trump Donald John TrumpTrump monitors & # 39; very closely & # 39; while Portland harnesses for dueling protests WaPo calls Trump admin "another threat" against endangered species. Do the Democrats become Trump-like? MER's decision to postpone tariffs may have been partly driven by concerns that implementing such tariffs would hurt Christmas, according to a new report from CNN.

Sources familiar with the case allegedly told CNN that the aides warned Trump that slapping tariffs on all Chinese imports could "ruin Christmas."

The report comes after the White House announced this week that it would postpone tariffs on certain Chinese goods until December 1[ads1]5. The deferred tariffs were on items including "mobile phones, laptops, video game consoles, certain toys, computer screens, and certain footwear and clothing." end.

About 70 percent of the US economy is driven by consumer spending and several retailers and chains rely on booming annual sales for annual profits.

Traders had also warned that new tariffs could lead to store closures, price increases and layoffs ahead of the holidays.

The White House did not immediately respond to The Hill's request for comment on CNN's report.

Increasing trade tensions with China have led to worries about the state of the global economy, with Bank of America, Oldman Sachs and Moody's Analytics economists this week warning of a growing threat of a looming economic recession. The trade fears also led to one of the worst days for the stock market on Wednesday, when the Dow Jones Industrial Average fell 800 points, or 3 percent.

Data released Wednesday also showed that the German economy was shrinking and Chinese industrial output dropped to a 17-year low.